Growth of Bitcoin?

[jostorres]

El Salvador has legalised bitcoin and just for a thought I was evaluating that the country purchased btc in 30k range and after a few weeks purchased in 50k range and now it's dumping and again seems to touch 30/40 k range. Such a huge volatility means big players are manipulating bitcoin. So is that good for motivating other countries to make it legal tender as currency? The whales have deep roots in btc and it will always be a drawback for the organic growth of Bitcoin. And donot forget blockchain technology is known by bitcoin! Am I right?

Everything you see in the cryptocurrency market is not really about whales and manipulation. Sometimes the market can just be going up and down due to the demand and supply; the thing that moves the price is basically demand and supply, and we have been told times without number that when the demand is high,the price increases, and when demand is low,it decreases.

So, it is not every time that you see the price drop that it is being manipulated.  It can just be a normal fluctuation of the price. Furthermore, Bitcoin has really grown too big, and it would be very difficult for anyone to manipulate it this time around. So, it is mostly all about demand and supply. And of course any country that would adopt Bitcoin would still adopt it, they already know that’s how it is.

[Yamifoud]

El Salvador has legalised bitcoin and just for a thought I was evaluating that the country purchased btc in 30k range and after a few weeks purchased in 50k range and now it's dumping and again seems to touch 30/40 k range. Such a huge volatility means big players are manipulating bitcoin. So is that good for motivating other countries to make it legal tender as currency? The whales have deep roots in btc and it will always be a drawback for the organic growth of Bitcoin. And donot forget blockchain technology is known by bitcoin! Am I right?

Everything you see in the cryptocurrency market is not really about whales and manipulation. Sometimes the market can just be going up and down due to the demand and supply; the thing that moves the price is basically demand and supply, and we have been told times without number that when the demand is high,the price increases, and when demand is low,it decreases.

So, it is not every time that you see the price drop that it is being manipulated.  It can just be a normal fluctuation of the price. Furthermore, Bitcoin has really grown too big, and it would be very difficult for anyone to manipulate it this time around. So, it is mostly all about demand and supply. And of course any country that would adopt Bitcoin would still adopt it, they already know that’s how it is.

Not at all. The market is too big for now to blow the blame into them (whales) for manipulating the market, I guess they are not enough to move the market. There are several market players that could affect it but at this time, I heard nothing FUDs, banning issues, SEC issues, this decline had come naturally and I think, this will also recover naturally. That is why I don't even bother myself thinking about selling off, but what I just did is to keep calm and hold coz I know this will be over soon.

[Luqman]

And donot forget blockchain technology is known by bitcoin! Am I right?

Blockchain technology was started to be well-known after the finding of Bitcoin and to this time, Bitcoin becomes more and more popular making many more altcoins are also created. that is why blockchain technology is also massively adopted to create a cryptocurrency. But, there is also additional development where in fact, due to the time, blockchain technology is not only used for cryptocurrency. Some companies, governments, and also industries also use blockchain technology to support more advanced systems. This is good enough.

Such a huge volatility means big players are manipulating bitcoin

We still cannot confirm this, about manipulation and who did this. But sometimes, there is market manipulation, FUD spreads, hype, and also the cycle of bullish and bearishness. Those are what has always happened to the crypto world so far.

[gloriamartin]

@jashbir67 It is a good reason for governments from other countries to get involved. If they do think of that, they will have to look for bitcoin experts too. This is only going to increase the overall popularity of bitcoin making it even more costlier.

[Hamza2424]

El Salvador has legalised bitcoin and just for a thought I was evaluating that the country purchased btc in 30k range and after a few weeks purchased in 50k range and now it's dumping and again seems to touch 30/40 k range. Such a huge volatility means big players are manipulating bitcoin. So is that good for motivating other countries to make it legal tender as currency? The whales have deep roots in btc and it will always be a drawback for the organic growth of Bitcoin. And don't forget blockchain technology is known by bitcoin! Am I right?

DUDE the market dip or pump can be seen as profit booking of major players and in simple you can say change of hands as a whale bought at 20k now on 40k market is dumping its change of hands or distribution an opportunity for other player who want to take entry they are going to hold until 60k or whatever their target is. So that is what we call cycle weak hands lose money in this cycle and strong hands book massive profits.